Caesars Entertainment Selling 7 Million Shares

Caesars Entertainment Corp. said said it’s offering 7 million shares of its common stock, a sale worth about $147 million at current prices.

The Las Vegas-based company, which has been restructuring its debt, granted its bankers the option to purchase 1.05 million added shares, according to a statement Thursday.

Caesars said its controlling shareholders, TPG Capital and Apollo Global Management LLC, have agreed not to sell any of their holdings for about 60 days after the offering. Citigroup is acting as the sole underwriter.

Shares of Caesars, the largest owner of casinos in the U.S., fell 6 percent to $19.82 in extended trading after the announcement. The stock retreated 4.3 percent to $21.08 at the close in New York.